Coin Press - Economy

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Stocks tumble, oil jumps on Trump's Iran ultimatum

Stocks tumbled Monday and oil prices jumped after Donald Trump and Iranian leaders traded threats over the key Strait of Hormuz, while Israel said the Middle East war could last several more weeks.

Mideast war threatens energy crisis worse than 1970s oil shocks

The world faces an energy crisis worse than both 1970s oil shocks combined if the Middle East war drags on, the head of the International Energy Agency warned Monday, as Israel launched fresh strikes on Tehran and threatened weeks more fighting.

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French champagne houses toast record sales

French champagne sales rebounded last year to reach a record 5.5 billion euros ($6.2 billion) as demand soared despite the lingering impact of Covid restrictions that weighed on restaurants and bars, producers said Wednesday.

Omicron will pinch, not derail US economic growth: Yellen

The latest coronavirus variant will weigh on US economic growth in the months ahead but will not derail it, Treasury Secretary Janet Yellen assured the nation's mayors Wednesday as they gathered in Washington.

P&G profits up on strong consumer demand, higher pricing

Procter & Gamble raised its full-year forecast Wednesday as robust consumer demand enabled the company to notch higher sales even as it increased prices on consumer goods.

Millionaires make unusual plea: 'Tax us now'

More than 100 millionaires made an unusual plea on Wednesday: "Tax us now".

WHO says pandemic 'nowhere near over' as France, Germany post record cases

The World Health Organization has warned that the Covid-19 pandemic is far from over, as France, Germany and Brazil posted new records of infections in the past 24 hours.

Microsoft's acquisition of Activision to face antitrust test

Microsoft's $69 billion deal to buy video game powerhouse Activision Blizzard is expected to win out with regulators despite vows in Europe and the United States to rein in tech titans.

Austria gears up to fight EU 'green' nuclear energy plan

As the EU moves to label energy from nuclear power and natural gas as "green" investments, Austria is gearing up to fight this, including with a legal complaint.

'Game changer' e-moped batteries spread from Taiwan across Asia

Every day, Aiden Lee joins the hundreds of thousands of people getting around Taipei on two wheels.

Tension in Spain over use of EU recovery funds

The Spanish government is increasingly under fire over its use of the European Union's massive economic recovery funds, with critics blasting the distribution of aid as too slow and arbitrary.

AT&T, Verizon agree to delay 5G implementation at some airports

AT&T and Verizon agreed Tuesday to a partial delay in activating their 5G networks following an outcry from US airlines, who said the rollout could lead to travel chaos.

Judge OKs adjustment plan to end Puerto Rico bankruptcy

A federal judge on Tuesday approved a plan to restructure Puerto Rico's public debt, which will allow the US territory to end the bankruptcy process it declared almost five years ago.

'Throwaway economy' thwarting climate goals: report

Countries are neglecting the massive impact of the "throwaway" economy on planet-warming emissions, according to research published Wednesday that calculated more than half a trillion tonnes of virgin materials have been consumed since the 2015 Paris climate deal.

Covid tests spark Argentine supply chain fears over border queues

Up to 2,000 trucks are backed up at Argentina's main border crossing with Chile due to tougher Covid-19 testing requirements, Argentine haulers said on Tuesday, adding that the supply chain could suffer.

Oil hits seven-year highs on recovery hopes, unrest

Oil prices hit their highest levels in more than seven years Tuesday, driven in part by hopes of a global economic recovery that would ramp up demand.

Microsoft to buy gaming giant Activision Blizzard for $69 bn

Microsoft on Tuesday announced a landmark $69 billion deal to buy US gaming giant Activision Blizzard, betting big on the prospects of the video game market by scooping up the scandal-hit "Call of Duty" maker.

AT&T agrees to delay 5G implementation at some airports

AT&T will delay activating its 5G network on a "limited number of towers" near some airport runways following warnings from US airlines, a spokesperson for the telecommunications company said Tuesday.

IMF risks losing legitimacy over Argentina loan: minister

Argentina's economy minister, renegotiating a massive loan with the International Monetary Fund, warned the lender risked losing credibility if it "pushes" the country "into a destabilizing situation."

Poland, Hungary resist EU's corporate minimum tax push

The EU's effort to implement an internationally agreed minimum tax on big multinationals was met with opposition by Poland and Hungary on Tuesday, endangering a major priority of France's presidency of the bloc.

Toyota yearly production target hit by chip shortage

The world's top-selling carmaker Toyota said Tuesday it no longer expects to meet its annual production target with operations hampered by the global chip crunch.

Tongan Olympic flagbearer Taufatofua prays for news of father

Tongan Olympic flagbearer Pita Taufatofua -- who made global headlines for going bare-chested at the Games -- is praying for news of his father after failing to hear from him following a devastating tsunami.

UK jobs picture robust as Omicron struck

Britain's unemployment rate dropped and payrolls recovered further at the end of last year despite the onset of the Omicron variant, official data showed Tuesday.

China orders overseas mail disinfection over Omicron fears

China's postal service has ordered workers to disinfect international deliveries and urged the public to reduce orders from overseas after authorities claimed mail could be the source of recent coronavirus outbreaks.

Bank of Japan lifts inflation forecast, no policy change

Japan's central bank revised its inflation forecast on Tuesday and adjusted its view of price risks, while leaving its monetary easing policy in place in a nod to lingering pandemic uncertainty.

US airlines warn of 'calamity' if 5G deployed near airports

The chief executives of America's largest airlines warned of a "catastrophic disruption" to travel and shipping operations if telecommunication firms roll out their 5G technology as planned Wednesday without limiting the technology near US airports.

Activision says it fired dozens over harassment allegations

The video game giant Activision Blizzard said Monday it has fired nearly 40 employees and disciplined more than 40 others since July as it deals with allegations of sexual harassment and other misconduct.

US airlines warn of 'chaos' if 5G not limited near airports: letter

The chief executives of America's largest airlines warned ahead of Wednesday's 5G service rollout that the technology should be limited near US airports, or risk "significant operational disruption" to travel and shipping.

Unexpected star of gay rights best-seller, Pence family rabbit dies

The family of former US vice president Mike Pence has announced the death of Marlon Bundo, their pet rabbit who starred in a children's book series by the second family as well as a parody version supporting gay rights.

Credit Suisse chief quits over Covid rules breach

The chairman of Credit Suisse resigned Monday over Covid quarantine violations, leaving the bank's new risk committee chief holding the reins and tasked with trying to stabilise the scandal-hit institution.

European stocks rise tracking big corporate news, China growth

European stock markets climbed on Monday as China's unexpectedly muted growth slowdown and optimism over the impact of the Omicron coronavirus variant boosted investor confidence.

Canada health authority approves Pfizer's anti-Covid pill

Canada's health authority said Monday it has approved Pfizer's anti-Covid pill, Paxlovid, for adults at high risk of progressing to serious disease.

Covid-flu joint booster jab possible late 2023: Moderna

Moderna aims to roll out a combined Covid-flu-RSV booster vaccine in late 2023, the US pharmaceutical firm said Monday, hoping a joint jab would encourage people to get an annual shot.

Coin Press - Economy (English)